Things You May Not Know About Buying Luxury Real Estate

Things You May Not Know About Buying Luxury Real Estate

Whether you're exploring condos or looking into the stunning luxury waterfront homes for sale in Tampa, FL, buying luxury real estate is different. As a buyer, you may have a clear set of expectations as you launch into your property search, or you may not be sure what to expect. What does buying luxury real estate look like? There are several things you may need to consider as you begin your foray into the market.

1. There is no clear definition of luxury real estate

What makes the difference between a luxury home and a regular home? Ultimately, it comes down to what you consider luxurious and what you prioritize as you select the home of your dreams and get ready to move in. The real estate industry does not have a clear definition of luxury real estate, and there is no specific set of qualifications a home has to meet to be considered a luxury home. Tampa's sparkling ocean, soft white quartz sand, and many amenities can make it feel as though you are living in the lap of luxury no matter where you choose to call home.

What does that mean for you, as a buyer? It means that you must define what "luxury" means to you. Carefully consider what you consider important. Evaluate elements, such as:

  • Property size.
  • Available rooms in the property.
  • Specific amenities that you're looking for.
  • Neighborhood (including those all-important ocean views).
  • The history of the property or whether it's a new build.
For some people, Tampa condos for sale on the beach are automatically luxury properties due to their beachfront access. Others are looking for Tampa townhomes for sale with easy access to local shops and attractions. By evaluating what you consider luxury real estate ahead of time, you can more easily assess each property to ensure that you have found the right one for your needs.

2. Location can make a huge difference

Often, the neighborhood or community you choose to call home can make a huge difference in your lifestyle and the amenities you have available. Many of Tampa's most exclusive properties are located in gated communities with a variety of amenities and assets, including:

  • Clubhouses.
  • Golf courses.
  • Swimming pools.
  • Marinas.
  • Tree-lined streets, maintained by the community association.
Specific communities may also host events, from movie nights and picnics to festivals, games, and more. Before you select your new home, talk to your real estate agent to learn more about the community itself and the people that call it home. Carefully consider what you're looking for in your new neighborhood — not just the available amenities like pools, clubhouses, or business centers, but also the activities, sense of connection, and opportunity to come together as part of the greater whole.

3. You need to tour your top picks in person

Many of the people looking for luxury condos in Tampa are seeking a vacation home and may not have the extra time to tour each property in person. Unfortunately, even the best virtual tour can only provide you with so much information about a property. Virtual tours often camouflage some of the potential problems with the property or gloss over them altogether. They're designed to focus on the property benefits that are most likely to catch your eye, rather than faults or problems that could be a deal-breaker. Before you purchase a property, take the time to visit it in person. An in-person visit will give you a much better idea of a great deal of key information about the property, including:

  • How spacious the property is. Camera angles and lighting can go a long way toward making a room appear larger than it is, which can prevent you from realizing the true size of the property.

  • Potential damage to the property. While your home inspection will reveal any structural problems, it may not show things like a room that has fallen into disrepair.

  • Storage space. A personal walkthrough can give you a better idea of what fits in those closets and cabinets — and what might not.

  • The overall feel of the community. Visiting in person can give you a chance to get out and meet the neighbors, check out the neighborhood, and learn more about what it will be like to live — or vacation — in your new property.
Talk to your real estate agent about how to handle in-person tours when you're shopping for a vacation home or have limited time. Often, your agent can work with you to schedule multiple visits on the same day or at a time that's more convenient for your needs.

4. Be patient with the process

Luxury homes often remain on the market considerably longer than other properties, and with good reason. Not only are they top-of-the-line, they may require a more in-depth evaluation of all the amenities before a buyer is willing and ready to move forward. Don’t get in a hurry to snatch up the first home you tour. Instead, invest the time and energy necessary to go through the process. Take a look at various properties and evaluate their amenities. Explore different communities. When you find the property of your dreams, you can move forward with confidence that you have chosen the right one for you.

5. You have more room to negotiate than you think

Often, when it comes to luxury real estate, there is considerable room at the negotiation table. You can negotiate the price, move-in dates, closing dates, and even who will take care of paying the closing costs on your property. Sellers are often more motivated to negotiate on a luxury property simply because they move more slowly on the market. Go in with a good idea of what you're willing to pay, work with your real estate agent to make a solid offer, and you might end up paying less for your new luxury property than you thought.

Start the journey to purchasing your Tampa luxury home

At KVA Group, we have the experience necessary to guide the luxury real estate purchase process, whether that means helping you narrow down the amenities that are most important to you and your family or choosing the perfect home for your needs. Contact us today to start your search for your dream home in Tampa.

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We are excited for your consideration and delighted to partner with you on this journey. The KVA Group is composed of some of the best and most highly regarded agents in the Tampa Bay market. We look forward to working with you, and are excited to help you on your real estate journey.

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